President Joe Biden recently proclaimed June as National Homeownership Month.
The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) will hold a series of events promoting the administration’s efforts to support potential homeowners, increase housing supply and affordability and ensure sustainability for existing homeowners.
“Each June, we mark National Homeownership Month, a time for HUD and FHA to renew our commitment to supporting individuals and families in achieving and sustaining homeownership,” HUD Secretary Marcia Fudge said in a release. “Homeownership is a key source of wealth building and is often the foundation for one’s life. Unfortunately, the lack of affordable housing supply has placed homeownership out of reach for many people with low and moderate incomes, first-time homebuyers, and communities that have been historically and systemically locked out of homeownership.
“The Biden-Harris administration has put forth the most comprehensive effort to close the housing supply shortfall in history, and we will continue to take action to address the barriers families are facing in today’s housing market,” Fudge said.
FHA Commissioner Julia Gordon said her agency and HUD are an important part of the nation’s housing system.
“And while we are proud that we serve more than 700,000 first-time homebuyers on average each year, we remain committed to enhancing and improving our programs to promote expanded access and equity in homeownership, particularly for underserved communities,” Gordon said.
Both agencies said they plan to prioritize the administration’s mission by taking action to increase housing supply and access to affordable housing, launching a comprehensive plan for reforms to advance equity in home appraisals, serving more first-time homebuyers and communities of color and preventing foreclosures by borrowers affected by the pandemic.
The agencies said they also strive to remove barriers to homeownership for those with student loan debt, affirm the use of Special Purpose Credit Programs and set the stage for increased fair housing and lending enforcement.
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